What is the transfer fee for each unopened Cinch I.T. Franchised Business?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
H I.T. Franchised Businesses before the effective date of transfer and will continue to remain responsible for Your obligations of nondisclosure, noncompetition and indemnification as provided in the Franchise Agreements and Guaranty Agreement, attached to this Agreement as Addendum C and shall sign any and all instruments reasonably requested by Us to further evidence this liability;
- (viii) You or Your approved transferee shall pay to Us, at the time of said transfer, a transfer fee ("Development Transfer Fee") equal to Five Thousand Dollars ($5,000.00) for each unopened CINCH I.T. Franchised Business to be transferred, and Ten Thousand Dollars ($10,000.00) for each CINC
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, if a franchisee wishes to transfer their franchise, a transfer fee is required. Specifically, for each unopened Cinch I.T. Franchised Business that is part of the transfer, the franchisee or their approved transferee must pay Cinch I.T. a transfer fee of $5,000.
This fee is designated to cover Cinch I.T.'s administrative and other expenses associated with the transfer. It is important to note that this fee applies to each unopened franchise location being transferred.
For a Cinch I.T. Franchised Business that is open and operating at the time of the transfer notification, the transfer fee is $10,000, indicating a higher fee for transfers of established businesses compared to unopened ones.